CFM Indosuez Wealth Management // Annual Report 2023

Work Creates Wealth CFM INDOSUEZ WEALTH MANAGEMENT WELCOME TO CFM INDOSUEZ Annual Report 2023

Welcome to CFM Indosuez For more than 100 years, the history of our Bank has resonated with the entrepreneurs and families we have advised around the world. Today, we support our clients, helping them to build, manage, protect and pass on their assets. PROUDLY STANDING IN THE HEART OF MONACO, OUR BANK IS THE HEADQUARTERS OF CFM INDOSUEZ. CFM Indosuez Wealth Management 2

2 INDOSUEZ WEALTH MANAGEMENT 8 Identity card: Our network and our key figures10 General Management Committee 13 Message from the General Management of Indosuez Wealth Management Group 14 2023 review and 2024 outlook for financial markets 16 Continuing and progressing: 2023 highlights 18 Ambitions 2025: the essentials of the new medium-term plan 20 3 CFM INDOSUEZ WEALTH MANAGEMENT ACTIVITY REPORT 22 CFM Indosuez Wealth Management 24 Message from the Directors 24 Message from the Executive Directors 28 The environment in Monaco 30 Wealth Management 31 People Project 32 Corporate governance 34 Key figures 36 Report of the Board of Directors 38 Resolutions for the General Meeting 42 Internal Control 44 Our locations 48 4 CFM INDOSUEZ WEALTH MANAGEMENT ANNUAL FINANCIAL STATEMENTS 50 Statutory Auditors' Reports 52 Consolidated financial statements as at 31 December 2023 56 Individual financial statements as at 31 December 2023 140 1 CRÉDIT AGRICOLE GROUP 4 Table of Contents Annual Report 2023 3

TRUST & PEACE OF MIND From our Bank in Monaco's Condamine district, Jean-Marc and his team ensure that their clients receive expert advice and exceptional service every day. The "boutique" approach combined with the financial strength of the Crédit Agricole Group has embodied our Bank since its creation. A guarantee of trust and peace of mind for our loyal clients. JEAN-MARC BAUCHET Wealth Manager Monaco CFM Indosuez Wealth Management 4

1 CRÉDIT AGRICOLE GROUP Annual Report 2023 5

Crédit Agricole Group: rankings and key figures 46 COUNTRIES 54 MILLION CLIENTS 8,250 BRANCHES INCLUDING 6,750 IN FRANCE, REGIONAL BANKS AND LCL 11.8 MILLION MUTUAL SHAREHOLDERS PROVIDER OF FINANCING TO THE FRENCH ECONOMY INTERNAL SOURCE: ECO 2023 EUROPEAN ASSET MANAGER SOURCE: IPE “TOP 500 ASSET MANAGERS”, JUNE 2023 INSURER IN FRANCE SOURCE: L’ARGUS DE L’ASSURANCE, 13 DECEMBER 2023 (DATA AT END-2022) RETAIL BANK IN THE EUROPEAN UNION BASED ON NUMBER OF CLIENTS LARGEST GLOBAL BANK BY BALANCE SHEET SIZE SOURCE: THE BANKER 2023 COOPERATIVE MUTUAL BANK IN THE WORLD SOURCE : THE 2023 WORLD COOPERATIVE MONITOR, JANUARY 2024 (IN REVENUES) N°1 N°1 N°1 N°1 N°1 10th CFM Indosuez Wealth Management 6

HOLDING 59.7%4 HOLDING 40.3% Group Perimeter Crédit Agricole Group includes Crédit Agricole S.A. as well as all of the regional banks and local banks and their subsidiaries. ASSET GATHERING AND INSURANCE LARGE CLIENTS RETAIL BANKING SPECIALISED BUSINESSES AND SUBSIDIARIES SPECIALISED FINANCIAL SERVICES REGIONAL BANKS FLOAT 1. The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. 2. The Fédération nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. 3. Non-Significant: 0.8% treasury shares, including buy-backs in 2023 that will be cancelled in 2024. 4. Excluding information made to the market by SAS Rue La Boétie in August 2023, regarding its intention to purchase by the end of the first half of 2024 Crédit Agricole S.A. shares on the market for a maximum amount of €1 billion. ITALY POLAND, UKRAINE, EGYPT 9.2% INDIVIDUAL SHAREHOLDERS NS3 TREASURY SHARES 23.8% INSTITUTIONAL INVESTORS 11.8 m MUTUAL SHAREHOLDERS WHO HOLD MUTUAL SHARES IN THE 2,395 LOCAL BANKS 39 REGIONAL BANKS WHO TOGETHER HOLD THE MAJORITY OF THE SHARE CAPITAL OF CRÉDIT AGRICOLE S.A. VIA SAS RUE LA BOÉTIE 1 HOLD 100% OF SACAM MUTUALISATION HOLDING 25% OF THE REGIONAL BANKS POLITICAL LINK FÉDÉRATION NATIONALE DU CRÉDIT AGRICOLE 2 6.5% EMPLOYEE SHARE OWNERSHIP PLANS (ESOP) Annual Report 2023 7

DECIDEDLY HUMAN Whether you're a long-standing client or just a visitor, Corinne will give you a warm, personalised and unique welcome. For over 40 years, she has embodied the family spirit of CFM Indosuez. It's more than a magic formula; it's a set of "small actions" in every interaction with our clients that sets us apart. CORINNE MANERA Client Service Manager, Monaco CFM Indosuez Wealth Management 8

2 INDOSUEZ WEALTH MANAGEMENT Annual Report 2023 9

Indosuez Wealth Management is the global wealth management brand of the Crédit Agricole Group, ranked the world’s tenth largest bank by balance sheet size. Built on more than 145 years of experience supporting families and entrepreneurs around the world, the Indosuez Wealth Management group offers its clients, in 11 global regions, a tailored approach that enables each one to preserve and grow their wealth in close alignment with their goals. Its teams provide expert advice, exceptional service and a global vision for both private and professional wealth management, integrating the transitions towards more sustainable development and a more responsible economy. 1858 Founding of Compagnie du Canal de Suez. 1875 Founding of Banque de l'Indochine. 1876 First Private Banking office opened in Switzerland (Crédit Lyonnais). 1920 First roots established in Luxembourg (founding of La Luxembourgeoise). 1922 Founding of Crédit Foncier Monaco. 1975 Founding of Banque Indosuez in France from the merger of Banque de l'Indochine and Banque de Suez et de l'Union des Mines. 1996 Banque Indosuez joins Crédit Agricole Group. 2016 Adoption of a single brand: Indosuez Wealth Management. 2017 Acquisition of CIC's private banking operations in Hong Kong SAR and Singapore. 2018 Crédit Agricole Private Banking Services becomes Azqore and partners with Capgemini to form the new global benchmark in the outsourcing of IT and banking transaction services. 2019 Finalisation of the merger between Banca Leonardo and Indosuez Wealth Management and adoption of a single brand in Italy: Indosuez Wealth Management. 2023 Signing of an agreement to acquire a majority stake in Degroof Petercam, a leader in Wealth Management in Belgium and a leading investment firm with an international presence and client base. Europe Belgium Spain France Italy Luxembourg Monaco Switzerland Middle Est United Arab Emirates Asia Pacific Hong Kong SAR Singapore New Caledonia Our Identity 3,000 EMPLOYEES IN 11 REGIONS CFM Indosuez Wealth Management 10

2023 RESULTS In 2023, the underlying net banking income of the Wealth Management business line amounted to €1,022.9 million, up +10% compared with 2022. Expenses excluding SRF were up +7% to €824 million, mainly related to the inflationary environment, one-off costs linked to the planned acquisition of Bank Degroof Petercam and other non-recurring expenses. The scissor effect over 2023 was therefore positive at +3 percentage points. Underlying gross operating income increased by +26% to €195.3 million. In total, net income Group share reached €127.5 million, up +13% compared with 2022. ASSETS UNDER MANAGEMENT With more than €135 billion in assets under management (+4% as of 31/12/2023), Indosuez Wealth Management is among the world’s leading wealth management companies. Despite unfavourable market conditions attributable to the rise in interest rates and geopolitical upheavals, the Group recorded net private client inflows of €2.6 billion. These results reflect the diversification of its activities, the relevance of its strategy and strong sales momentum in this segment. Indosuez’s value proposition has been strengthened, particularly in terms of its real estate, structured products and responsible offering. ASSET ALLOCATION IN % A diversified asset allocation, reflecting our ambition to protect and grow our clients' wealth. NBI (€ MILLION) Key figures €135.1 BN IN AUM A LOCAL approach AND INTERNATIONAL support 2021 841.3 2022 929.4 2023 1,022.9 25 Funds 24 ↗ Compared to 2022, in %. 22 Cash assets 23 ↘ 16 Equities 15 ↗ 5 Structured products 4 ↗ 4 Other 4 → 16 Bonds 15 ↗ 13 Life Insurance 15 ↘ Annual Report 2023 11

Sharing our values OFFICIAL PARTNER OF THE COMPAGNIE DES BALLETS DE MONTE-CARLO, THE OCEANOGRAPHIC INSTITUTE AND VARIOUS ASSOCIATIONS, CFM INDOSUEZ IS ASSOCIATED WITH MONEGASQUE INSTITUTIONS AND EVENTS THAT PROMOTE THE PRINCIPALITY. These partnerships fully embody our Group’s purpose: acting every day in our clients’ and the company’s best interests. More information about the Compagnie Les Ballets de Monte-Carlo ↓ CFM Indosuez Wealth Management 12

General Management Olivier Chatain Head of Strategy, Legal and Transformation, CA Indosuez Isabelle Denoual Frizzole Head of Compliance, CA Indosuez Quentin Barricault* General Secretary, CA Indosuez *permanent guest Jacques Prost Chief Executive Officer CA Indosuez Charlotte de Chavagnac Head of Communications, CA Indosuez Mathieu Ferragut Chief Executive Officer, CFM Indosuez Wealth Anne-Laure Branellec Head of Human Resources, CA Indosuez Jean-Christophe Droguet* Head of Audit Inspection, CA Indosuez *permanent guest Bastien Charpentier Deputy Chief Executive Officer responsible for Operations, CA Indosuez Olivier Carcy Chief Executive Officer, CA Indosuez Wealth (Europe) Pierre Masclet Chief Executive Officer of Azqore Olivier Przydrozny Head of Organisation and Information Systems, CA Indosuez Alexandre Ledouble Chief Financial Officer, CA Indosuez Marc-André Poirier Chief Executive Officer, CA Indosuez (Switzerland) SA Chrystèle Dagras Head of Risk and Permanent Control Guillaume Rimaud Chief Executive Officer France Business Unit, CA Indosuez Marie Delesalle Head of Client Service Officers, CA Indosuez Romain Jérome Chief Digital Officer, CA Indosuez Annual Report 2023 13

“2023 was a good year for our Group, both in terms of activity and results.” CFM Indosuez Wealth Management 14

In the minds of all, 2023 will be remembered as a year of contrasts and economic and geopolitical instability. Fortunately, thanks to the resilience of its business model, and its position within one of the most solid European banking groups, Indosuez was able to successfully navigate this turbulence. We owe this to the relevance of our strategy, the positive impact of the high interest rates and the dedication of our teams. All of the bank’s geographical entities and business lines contributed to this positive momentum, with new achievements that continuously fuelled our various corporate projects, in some cases putting us two years ahead of the targets we set in Ambitions 2025, our medium-term development plan (MTP). Regarding the Client Project, 2023 is above all marked by our planned acquisition of Belgian bank Degroof Petercam, which, once we have obtained the necessary authorisations, will enable us to become a panEuropean leader in Wealth Management and benefit from a significant change in our business model. This will allow us to offer our clients an extensive value proposition, combining the know-how of two firms in private Wealth Management and Asset Management. In 2023, we also focused on strengthening our offering through innovative real estate products, the reliable results of our structured products and new bond funds. The acquisition of two strategic stakes (in Wealth Dynamix, a UK fintech founded in 2012 that provides client relationship management solutions, and AirFund, a French start-up created in 2021 to facilitate the distribution of private market funds) will also enable us to better serve our clients and accelerate the marketing of our funds. Reflecting the commitment of our teams, the 2023 NPS survey (an index that measures how likely clients are to recommend the bank to their network) showed a sharp increase in satisfaction (+22%) compared with 2021. In terms of the Societal Project, new ESG commitments were launched in 2023. Indosuez continues to roll out its responsible offering across all asset classes. ESG criteria are now integrated into our various support methods, our processes for the design and selection of financial products (directly held securities, investment funds, structured products) and our credit approval policy. We have defined a strict “coal” strategy for our investment policy and have begun to reduce our greenhouse gas emissions. The expansion of the activities of our two foundations to include the entire Group and the number of funding and support actions in favour of associations and NGOs working in biodiversity, in its various forms, demonstrate the importance we place on Indosuez’s contribution to cleaner living in our environment. With regard to our Human-centric Project, 2023 confirmed our positioning as a leading employer in Wealth Management. We endeavoured to enable the men and women working under the Indosuez banner to benefit from comparable development prospects, regardless of their entity. We promoted intergenerational transmission between our highly experienced employees and the young people who joined us, encouraged the empowerment of each and everyone and supported mini-companies to improve the service provided to our clients. Lastly, efforts to accelerate our Digital Transformation continued in 2023, with the roll-out of our clients management tool in our various regions and the availability of the My Indosuez mobile app for all our clients. 2024 will be a year of strong mobilisation for our teams. We will finalise the acquisition of Bank Degroof Petercam and work towards achieving our ambitious objectives for winning new business and development in our medium-term plan. These structuring projects are a source of great pride for all of us and illustrate the trust our shareholders place in the Indosuez brand and its future. Message from the General Management of Indosuez Wealth Management Jacques Prost Chief Executive Officer CA Indosuez Pierre Fort Chairman CA Indosuez Annual Report 2023 15

2023 can be summed up in one word: 2023 Review and 2024 Financial Market Outlook Nicolas Mougeot Head of Investment Strategy & Sustainability, CA Indosuez (Switzerland) SA Alexandre Drabowicz Chief Investment Officer, CA Indosuez 2023, A YEAR OF LEADERSHIP leadership. From an economic point of view, the United States reaffirmed its leadership, with growth expected at close to 2% and exceeding the expectations of many economists. This resilience can be explained in particular by the good health of US consumption, which boosted growth by drawing on solid surplus savings. In 2023, the United States once again demonstrated its technological leadership with the advent of artificial intelligence, or AI, which has become a ubiquitous consumer product since the launch of ChatGPT in December 2022. Moreover, AI was the main driver of the performance of US equities and diversification did not pay off in 2023: the seven big tech leaders, known as the “Magnificent Seven”, were behind most of the performance of the S&P 500 index. Central banks have also played their role as leaders in the fight against inflation by raising their Global Outlook 2024 To read online ↓ CFM Indosuez Wealth Management 16

What will 2024 hold for us? First of all, a possible “While company earnings growth could remain contained in light of the moderate economic growth, investors should focus on long-term themes such as artificial intelligence, the fight against obesity and the energy transition.” 2024: NORMALISATION, RESILIENCE AND LONG-TERM THEMES change in the United States leadership, as the US elections will take place in November, with potentially the same protagonists as four years ago. From a macroeconomic point of view, inflation is set to continue to normalise and move closer to the targets of the central banks. The latter may have to act by lowering their key interest rates in order to ensure a soft landing of the economy, a task that proves more challenging in practice than in theory, particularly during a US election year. From an investment perspective, the rise in rates has allowed bonds to regain their place in a balanced portfolio thanks to their attractive carry in real terms and their role as a buffer in the event of a more prolonged economic slowdown. 2024 is also likely to confirm some trends on the equity markets. While company earnings growth could remain contained in light of moderate economic growth, investors should focus on long-term themes such as artificial intelligence, the fight against obesity and the energy transition. key rates to levels not seen in the past 20 years. While inflation in Europe and the United States remains above the 2% target of the Fed and the European Central Bank (ECB), the rate hikes are probably behind us. Last year, the role of the central bankers was not limited to tightening monetary policy: they had to intervene urgently to rescue US regional banks and the second-largest Swiss bank. Thanks to their swift intervention, the global financial system showed much better resilience than during the 2008 crisis. 2023 was unfortunately marred by new geopolitical tensions. Russia’s war in Ukraine continues, tensions between China and the US are not waning, and the resurgence of the Israeli-Palestinian conflict are all evidence that the world is becoming increasingly multipolar. Emerging countries are also seeing a change in economic leadership with the growing importance of India at the expense of China and the desire of the BRICS group to open up to new members in order to gain greater influence on global geopolitics. Where does Europe fit into this new global framework? Its situation seems relatively calm compared to events in the rest of the world. It is living at the pace of a macroeconomic scenario described as a “Goldilocks” economy, not too hot and not too cold. Annual Report 2023 17

Commitments Continuation and progress 2023 HIGHLIGHTS • Extension to the entire Indosuez Group of the activities of the two Foundations (Europe and Switzerland) working to promote social inclusion, education for vulnerable people, environmental protection and the economic and social development of communities around the world. Employees from Belgium, Luxembourg, Spain, Italy, Hong-Kong RAS and Singapore are now stakeholders in the Foundations and can participate in the review of the applications selected alongside those from France and Switzerland: 11 projects were financed by the European Foundation (for a total amount of €350,000) and six projects were supported in Asia by the Foundation in Switzerland (CHF 205,000) covering all themes. • Continuation of solidarity initiatives in our various entities: Skills sponsorship, Citizen Days, support for local associations and “arrondis solidaires” (mini charity donations) set up in two new entities, in France and Switzerland. Nearly 80% of Indosuez employees worldwide can now make solidarity donations. Attractiveness • Planned acquisition of Belgian private bank Degroof Petercam (closing scheduled for 2024), which will enable Indosuez to become a pan-European leader in Wealth Management. • Strengthening of the offering for family offices, third-party asset managers, NextGen and high net worth clients (UHNWI). • In a context of higher interest rates, success of the structured products and bond solutions, in particular the launch of a fixed-maturity bond fund. • Development of the real estate business line created in 2022. • Licence obtained from the Dubai International Financial Center DIFC. • The results of the client Net Promoter Score (NPS) show a significantly higher level of satisfaction compared with 2021 (+22 points to +55%). • Indosuez was voted Best Private Bank in France and in the UHNWI segment in Europe (PWM/The Banker - Financial Times group), Best Private Bank in Switzerland for the ethical and sustainable investment offer (Private Banker International), Best Bank in Monaco for the seventh consecutive year and Best Private Bank in Luxembourg for the third consecutive year (Global Finance). • Indosuez recognised for its diversity and inclusion policy. • In Monaco, success of CFM Indosuez’s advertising campaign “Work creates Wealth”. CFM Indosuez Wealth Management 18

Talents Innovation • The employee empowerment index (Indice de Mise en Responsabilité - IMR, a measure of the cultural and managerial transformation of the Crédit Agricole Group) has improved at Indosuez: 77% positive opinions, a +2 point gain compared with 2022 and very high participation, with nearly 9 out of 10 employees responding to the survey. • Diversity month: 10 workshops organised in Monaco, Paris, Geneva, Luxembourg and Lausanne to gather the perceptions and expectations of employees and managers concerning diversity. • Representation: 40% women in the management bodies and 42% in the governance bodies. • 136 mini-companies involving 1,400 employees to cultivate a collective spirit and promote new management and organisational practices to serve our clients relations. • Indosuez in Spain won the Great Place To Work award, the first foreign bank to win this title. • Welcoming 270 young people (recruitment on permanent contracts of VIE international interns, Indosuez, the leading VIE employer in Switzerland, observation internships, etc.). Acceleration of the digital transformation: • Investments in fintechs: a majority stake in Wealth Dynamix (client relationship management tool) and a minority stake in AirFund (digitisation of the distribution of private equity funds). • Deployment of the Wealth Dynamix tool in Belgium, Spain and Monaco and the My Indosuez mobile app made available to all clients. • First electronic signatures in partnership with Luxtrust to digitise the client journey. • At Azqore, optimisation of the data centre and success of the migration of SG Private Banking. Deployment of SG solutions developed with other clients. • Also at Azqore, significant improvement in client satisfaction in 2023 and transaction volume up 13%. • Azqore was voted Best Banking-as-aservice provider at the MEA Finance Awards 2023 and rewarded for its technological know-how (IBS Intelligence Awards and Wealth Briefings Awards 2023). Responsibility • Indosuez continues to roll out its responsible offering across all asset classes. ESG criteria are now integrated into its various support methods (advisory or management mandates), its processes for the design and selection of financial products (directly held securities, investment funds, structured products) and our credit approval policy. A coal strategy has been approved for investments and an oil & gas strategy is in the pipeline for 2024. • Launch of new responsible offers: an “equity impact” investment fund classified Article 8 under the SFDR and a green structured products mandate in France, a solidarity-based product “CFM Blue Initiative”, the issue of a first Social Notes product and the conversion of a responsible fund (CFM Environnement Développement Durable) into a charity sharing fund in Monaco, with part of the management fees now being paid to the Global Coral Conservatory. • At the same time, the investment grids are gradually changing to allocate a greater share to funds qualifying as Articles 8 and 9 under the SFDR in order to improve the sustainability of the portfolio. Annual Report 2023 19

In line with Ambitions 2025, our medium-term plan (MTP) Launched in 2022, Indosuez’s medium-term plan (MTP), called Ambitions 2025, covers the group’s objectives over a period of three years. It was designed to enable us to respond to underlying market trends and changes in the needs of our clients. The aim is to continue and progress in priority areas: the client project, the societal project, the human project and the digital transformation. CLIENT PROJECT Diversify the product range: Private Equity, Real Estate, Structured Products €750m in issues... Meet all of our clients’ needs in real estate: acceleration of the activity with several +€20m deals. Continue our investments in Private Markets: €7.5bn at end2023, 75% of which remain in Private Equity to maintain our leadership in this segment. Increase the acquisition of “NextGen” clients and the offer for UHNW clients (establishment of a dedicated team via a direct acquisition channel and active participation in Vivatech). Increase client satisfaction: the net promoter score (NPS) recorded a strong increase (55% in 2023, 63% for the UHNWI segment). SOCIETAL PROJECT Develop sustainable finance offers to meet clients’ expectations and finance the transitions. Reduce our carbon footprint and that of our investment and financing portfolios. Foundations Extension of the scope of action of the France Foundation to Europe with four new territories: Belgium, Spain, Italy and Luxembourg. Extension of the Swiss Foundation in Asia. Patronage Development of new partnerships (EPIC Foundation, French Maritime Cluster, etc.). Harmonisation of the sponsorship policy (procedure, themes, objectives). Project to co-create a Climate Foundation with the Luxembourg Foundation. CFM Indosuez Wealth Management 20

HUMAN PROJECT Amplify the transformation of our culture to encourage empowerment, proximity and performance of our employees at the service of our clients. Amplify our actions in favour of youth, gender equality and diversity. Develop our employees' skills through training, mobility and the management of transformation projects. Take action as a responsible employer: Paternity leave of 28 days at all our locations. Arrondi solidaire donations accessible to 80% of employees. Development of the soft mobility package. Common set of measures in the event of personal accidents. DIGITAL TRANSFORMATION Encourage the autonomy of our clients and the adoption of tools by our employees. Consolidate Azqore's position as a benchmark player and provider of integrated, technological, digital and operational solutions for private banks. Strengthen our technological know-how through investments in specialised fintechs (Wealth Dynamix and AirFund). Annual Report 2023 21

LOCAL PRESENCE AND RESPONSIVENESS Our highly qualified, multi-disciplinary teams have had a presence in New Caledonia since 1888 and are exclusively dedicated to providing investment advice to a wide range of New Caledonian clients. From Noumea, they draw on the vast expertise of the Indosuez Group and the synergies exploited with the Crédit Agricole Group. ALEXIS RAPP Financial Investment Advisor Nouméa, New Caledonia More information about our subsidiary ↓ CFM Indosuez Wealth Management 22

3 CFM INDOSUEZ WEALTH MANAGEMENT ACTIVITY REPORT Annual Report 2023 23

SECURITY GUARANTEED BY OUR MEMBERSHIP OF ONE OF THE MOST SOLID BANKING GROUPS IN THE WORLD. | A RANGE OF HIGH ADDED-VALUE PRODUCTS AND SERVICES, AVAILABLE AT ALL LOCATIONS. | A PEOPLE-CENTRED STRUCTURE FOR A PERSONAL APPROACH TO OUR CLIENTS. CFM Indosuez Wealth Management CFM Indosuez Wealth Management 24

Annual Report 2023 25 As the number-one bank employer in Monaco, CFM Indosuez Wealth Management offers financial solutions to private investors, businesses, institutions, and professionals. Created in 1922 by some of Monaco’s leading families, some of whom are still stakeholders, CFM Indosuez Wealth Management is a 70%-owned subsidiary of Crédit Agricole Group. This backing by one of the world’s top banking groups, paired with our deep roots in Monaco, is an essential guarantee of strength and sustainability for our clients, shareholders, employees, and partners. Within the group, our Company is fully integrated in the Wealth Management Business, Indosuez Wealth Management. Our 3,000 experts in Wealth Management, 381 of whom are at CFM Indosuez Wealth Management in Monaco, create customised solutions for our clients in a country where we operate or by multibooking. Together, they have a single calling: to help families and entrepreneurs create, cultivate, protect, and pass on their wealth, both in the principality of Monaco and internationally. The renewal of the partnership with the Institut océanographique de Monaco (Monaco Oceanographic Institute) for a further 3 years demonstrates CFM Indosuez's desire to strengthen its commitment to protecting the oceans. CFM Indosuez's aim is to be the leading responsible bank in the financial marketplace.

“Our growth is due above all to the strong commitment of our employees to our clients.” CFM Indosuez Wealth Management 26

Eric Vial President Mathieu Ferragut Chief Executive Officer CFM Indosuez's centenary year was marked by a solid financial performance in 2022 against a backdrop of geopolitical and economic instability. International tensions have intensified further in 2023, with the explosion of conflict in the Middle East and Russia's continuing war on Ukrainian territory leading to high volatility on the financial markets. Supporting our clients' performance has required all our experts to be fully engaged. Thanks to the relevance of their analyses and their responsiveness, our company's consolidated revenues in 2023 will be €197.2 million, up 23% on the 2022 target. We also recorded remarkable growth of 40% in net profit, Group share, to €60.8 million. Against a backdrop of sharply rising interest rates, we have certainly benefited from substantial interest margin income, but our growth is primarily due to the strong commitment of our staff to our clients. The results of surveys carried out by independent bodies, such as the Customer Recommendation Index (CRI) and the employee Accountability Index (IMR - Indice de Mise en Responsabilité), reflect the high levels of client satisfaction and pride in our teams, demonstrating the effectiveness of our management transformation initiatives. The developments included in the three cornerstones of our Ambitions 2025 corporate project have been completed on budget and on time, whether they concern the Client Project, the People Project or the Social Project. This consistency between planning and execution demonstrates our ability to achieve our strategic ambitions efficiently. We would like to highlight the invaluable support of our directors and the Monegasque authorities, whom we thank warmly for their trust and their ongoing involvement in our development. The history of our Bank is intrinsically linked to the development of the Principality, reflecting more than a century of mutual commitment. Our partnership with the Compagnie des Ballets de Monte-Carlo, which began in 1999 and was renewed this year for a further three years, is a fine example of this. Similarly, our partnership with the Oceanographic Institute is driven by a shared desire to protect the oceans. This continuity illustrates our commitment to contributing to the Principality's cultural influence and long-term commitment. In recognition of our performance, CFM Indosuez was named best bank in the Principality in 2024 for the 8th year running by one of the leading international financial magazines, Global Finance. We're very pleased and proud for our teams. We are firmly committed to excellence in our two core businesses: Wealth Management and Corporate Finance. The planned acquisition of Belgian bank Degroof Petercam by the Indosuez Wealth Management group, scheduled for completion in 2024, supports this ambition. This alliance will open up new prospects, enabling our clients to benefit from an enriched value proposition, the fruit of the combined expertise of two renowned institutions in the fields of private banking and asset management. On the strength of our reflections and our successes, we face the challenges ahead with determination and optimism, convinced that our commitment and our strategic vision will enable us to assess the future with accuracy and serenity. Message from General Management CFM Indosuez Wealth Management Annual Report 2023 27

In the complex financial environment of Message from the Executive Directors Vincent Thomas Deputy Chief Executive Officer Grégoire Faure Deputy Chief Executive Officer 2023, the sharp and rapid rise in interest rates has changed investor behaviour. The clarity of the financial strategies shared by our experts was particularly appreciated by our clients. Transactional business proved robust, fuelled by a bespoke offering for our largest clients. These are all high value-added factors that have enabled the bank to post strong growth in its results. CFM Indosuez has encouraged its clients to integrate a strategy in favour of the energy transition, reaffirming its desire to be a responsible leading bank. The ten commitments set out in the Social Charter launched in 2022 are being rigorously followed. 1. Monitoring indicators and concrete actions: We are successfully pursuing our commitment to reduce greenhouse gases, with a net-zero trajectory by 2050, as demonstrated by our Climate Action indicators. Indicators Climate Action 2023/ 2019 Objective 2025 Objective 2030 Water (m3) -6.51% Electricity (kWh) * -9.83% -5% -15% Paper (tonnes) -21.16% Business travel (km) -56.90% -25% -55% * The equivalent of CFM Indosuez's electricity consumption is produced from renewable energy, for which we receive a certificate each year. CFM Indosuez Wealth Management 28

“CFM Indosuez has encouraged its clients to incorporate a strategy in favour of the energy transition, reaffirming its desire to be a responsible leading bank.” 9. Social support actions: The rate of involvement of our employees in social support initiatives continues to rise, particularly during events such as Citizen Day (+28%), the No Finish Line social support race (+25%) and blood donation campaigns (+23%). We have also launched initiatives such as the promotion of mentoring, with 12 employee mentors making a three-year commitment to young disadvantaged high-school students. 10. Leadership: Since the spring of 2023, CFM Indosuez has taken the strong decision to integrate environmental criteria into all its property financing: the environmental aspect is now a fully-fledged component of the conditions for granting property loans. A first for the Principality. Find out more about our commitments: ↓ 2. Taking account of non-financial criteria: We incorporate extra-financial criteria into the selection process offered to our clients, with a Best in Class approach, where 65% of issuers have a rating of >50. 3. Responsible investment: Our objective of reconciling financial performance with a contribution to sustainable development is reflected in the diversity of our ESG offering, which is strengthened every year. In our 2023 survey, 45% of our clients said that they take sustainable finance criteria into account when choosing their investments. 4. Supporting high-impact projects: CFM Indosuez is actively developing Blue Finance. Part of the management fees of the CFM Indosuez EDD fund (€30k) was donated to the Centre Scientifique de Monaco in support of the Conservatoire Mondial du Corail project. A new edition of the CFM Indosuez Blue Initiative investment solution has also been launched to help preserve the oceans. 5. Individual management: We have developed training and individual management initiatives to improve gender balance, parity, diversity, fairness and quality of life at work. 6. Training courses: The number of in-house conferences and events has also increased. Harmonisation of practices within the Indosuez group has multiplied their impact. 7. Measurement tools: For each of the Charter's objectives, achievements are monitored in detail throughout the year. 8. Governance: Our corporate governance is rooted in our core values. In 2023, CFM Indosuez announced that it would increase the gender balance of its Executive Committee to 38% women and 62% men from 1 January 2024. Annual Report 2023 29

are satisfactory, with the Principality continuing along the path laid out by Prince Rainier III, the centenary of whose birth was celebrated in 2023. On this occasion, Prince Albert II underlined the farsightedness of the Prince, the main architect of the Principality's development, growth and economic diversification, who worked for Monaco's admission to the United Nations in 1993 and to the Council of Europe in 2004. While 2023 is a year of historic performance, 2024 promises to be a period of new challenges. Although Monaco's fundamentals remain solid, competition on the international stage is intensifying and will certainly depend on the FATF's decision regarding the evaluation of Monaco's anti-money laundering and counter-terrorist financing measures. Solving the challenges of mobility, promoting urban naturalisation and integrating new technologies will be imperative in order to maintain the Principality's appeal and consolidate its leadership in sustainable development. Despite the international conflicts in Ukraine The environment in Monaco and the Middle East, the Principality's economy has shown remarkable resilience. Monegasque revenue, up 5.5% on the previous year, topped the 20 billion euro mark for the first time. Employment in the private sector is at an all-time high, up 3.5% on last year. This trend reflects in particular the strength of the construction and hotel and catering industries. As far as foreign trade is concerned, the total volume of trade, approaching €3.7 billion, is close to the alltime record set in 2019 (€3.8 billion). With an increase of 5.4% compared to 2022, it confirms the dynamism of the economy. As last year, wholesale trade remains Monaco's most buoyant sector, with sales of €5.4 billion. On the property market, the average price of transactions continues to rise, with revenue stabilising at around the billion euro mark, even though there has been a slight fall in volume. In the financial sector, assets under management by banking institutions rose sharply over the last twelve months (up 11.8%) to more than 158 billion euros, while deposits increased slightly. All the indicators Sophie Armando Finance & Strategy Director Céline Lapaian Company Secretary Source: imsee.mc CFM Indosuez Wealth Management 30

strengthened CFM Indosuez's position as a benchmark for shareholder-managers, particularly during liquidity events. Our Bank has succeeded in reconciling performance and social responsibility. Our initiatives are many and varied, as demonstrated by our innovation in terms of sustainable investment, with CFM Indosuez Blue Initiative, a structured impact and sharing product created for the benefit of the Oceanographic Institute. We have also set up a system for sharing the management costs of our CFM Indosuez Environment and Sustainable Development fund, for the benefit of the World Coral Conservatory (WCC), a collaborative programme between the Monaco Scientific Centre (MSC) and the Oceanographic Institute. CFM Indosuez has introduced the first sustainable impact financing: the bank has taken the strong decision to integrate environmental criteria into all its property financing. In 2023, we have combined responsiveness, excellence and expertise. Our commitment to sustainability has strengthened, and we are determined to continue on this path in 2024. We will be proposing investment solutions with the essential impact to support the Principality's energy transition, while maintaining a first-rate performance. The spectacular rebound in stock market indices, mainly Wealth Management in Western countries, has had a major impact on 2023. Defying the alarmist forecasts, the recession feared at the start of the year did not materialise, demonstrating the robustness of the economic growth trajectory, particularly in the United States, where GDP grew by 2.5%. At the same time, a gradual fall in inflation led to a spike in key rates in the fourth quarter. Against this backdrop, the experts at CFM Indosuez were quick to respond. The implementation of appropriate bond strategies, aimed at capitalising on high interest rates, is an eloquent illustration of this. The opportunities offered by the financial markets were seized with relevance: the advice of our experts enabled our investor clients to protect and develop their assets. They benefited from the significant growth in guaranteed capital products, whose returns outperformed deposit rates. Our highnet-worth clients have particularly appreciated the design and distribution of tailor-made structured products. Capitalising on the recovery in technology stocks, we helped our clients select leading stocks linked to Artificial Intelligence. Private equity also performed remarkably well, notably through our Evergreen quarterly liquidity fund, which has an excellent track record. Our expertise in both equity transactions and wealth management has Sophie Couve de Murville Global Head of Advisory Stéphane Herpe Head of Markets, Marketing and Development Annual Report 2023 31

The second action was the launch of the second IMR (Indice de Mise en Responsabilité - Accountability Index) survey. Deployed in 2022, the IMR survey will measure the progress of our managerial transformation on an annual basis. 87% of CFM Indosuez Wealth employees took part in the survey in 2023. Our RMI has risen, reflecting our strong commitment and pride in belonging. Employees recommend the Bank as a good place to work and praise the Bank's commitment to society and the meaning given to their day-to-day tasks. We also saw excellent scores on issues relating to managerial relations, as well as on improving our ability to serve our clients. These positive developments encourage us to continue rolling out our initiatives. One of the cornerstones of our Group's People Project Boosting cultural and managerial transformation is to develop our management culture and practices in order to strengthen responsibility, trust and initiative. The ambition for 2023 was to continue and boost our cultural and managerial transformation initiated in 2022. The initiatives put in place have placed particular emphasis on empowerment. Three major initiatives stand out. The first is the continued roll-out of mini-companies. More than 50% of employees and managers have already taken part in a mini-company. Thanks to tailor-made coaching, each team coached was able to put new routines into practice and sustainably anchor the changes in their way of working. As well as improving processes within the team, the minicompanies have also helped to increase synergies between certain teams. The deployment of minicompanies will continue throughout 2024. Ariel Barugel Head of Human Resources CFM Indosuez Wealth Management 32

“One of the cornerstones of our Group's People Project is to develop our management culture and practices in order to strengthen responsibility, trust and initiative.” The third action was the introduction of the accountability assessment. This new annual appraisal process enables each employee to play an active role in his or her own development and performance. The main changes concern: - Self-assessment: employees take responsibility for their own assessment. - Assessing objectives rather than grading them, for a more detailed and nuanced qualitative assessment, and objectives that can be adjusted throughout the year. - Enriching exchanges with non-anonymous feedback, for a 360° cross-disciplinary approach throughout the year. Responsible appraisal should make it possible to encourage more regular exchanges, to make progress in the practice of feedback and to conduct personalised interviews to promote tailor-made professional development. By continuing our efforts to develop a managerial culture that empowers employees and by offering a working environment that encourages autonomy, collaboration, trust, listening and taking the initiative, the Bank, as a Responsible Employer, is strengthening the accountability of each individual and the commitment of all in the service of its clients and society as a whole. Annual Report 2023 33

1. G ROUP STRUCTURE CFM Indosuez and its subsidiaries are part of Crédit Agricole Group 2. SHAREHOLDERS CFM Indosuez Wealth is 70.15% owned by Crédit Agricole SA with the remaining 29.85% owned by various individuals and legal entities (none of whom own more than 10% of the shares). 2.1. OPERATIONAL STRUCTURE CFM Indosuez Wealth SAM is a company incorporated under Monegasque law. Its company objects are, in the Principality of Monaco and abroad, both for itself, for third parties and jointly, to perform any and all banking and financial transactions and, from a more general standpoint, any transactions liable to be carried out by credit institutions under Monegasque law, including insurance brokerage activities, in accordance with applicable laws and regulations. 2.2. CONSOLIDATION SCOPE CFM Indosuez Wealth Group includes the following active companies: • CFM Indosuez Gestion • CFM Indosuez Wealth • CFM Indosuez Conseil en Investissement CFM INDOSUEZ WEALTH Principality of Monaco CFM INDOSUEZ GESTION Principality of Monaco CFM INDOSUEZ CONSEIL EN INVESTISSEMENT France 100% 100% The management of these entities’ activities and their organisational structure are based on the strategy, policies, decisions and general authorisations, rules of operation and best practices set by Crédit Agricole Group and CFM Indosuez Wealth, in accordance with the applicable legal and regulatory requirements. Corporate governance Crédit Agricole SA CACIB CA Indosuez Wealth (Group) Monaco shareholders CFM Indosuez Wealth 97.37% 100% 70.15% 29.85% CFM Indosuez Wealth Management 34

3. BOARD OF DIRECTORS 3.1, GENERAL INFORMATION As at 31 December 2023, the Board of Directors of CFM Indosuez Wealth had eight members, appointed by the Ordinary Annual General Meeting for a period of three years. No board members sit on CFM Indosuez Wealth’s Executive Committee. Board members are appointed for their integrity and expertise. which are assessed based on their background, knowledge and experience. They are assessed on the basis of their training, knowledge and experience. As a whole, the Board of Directors must possess the necessary skills in its key areas of responsibility. Membership requirements follow the rules set by the ACPR (French Prudential Supervision and Resolution Authority). The Board of Directors has three specialised Committees: the Audit and Risk Committee, the Appointments Committee and the Remuneration Committee. On their appointment, new directors receive a welcome pack including documents on the governance of corporate bodies, the Bank’s charter and the audit and risk control scope. Directors receive regular training and updates. 3.2. MEMBERS • Eric Vial, Chairman of the Board since 19 May 2022 and Director since 12 March 2020, • Bastien Charpentier, director since 13 December 2017, member of the Audit and Risk Committee • Meriem Echcherfi, director since 19 May 2022, • Benoit Fayol, drector since 15 March 2022, member of the Audit and Risk Committee • Hervé Husson, director since 07 October 2016 - Pierre Masclet, director between 12 December 2019 and 30 April 2023 • Guilhem Nouvel-Alaux, director since 19 May 2022 - Marc Oppenheim, director appointed on 19 December 2023 • François Veverka, director since 21 March 2017 and Chairman of the Audit and Risk Committee. 3.3. ORGANISATION 3.3.1. Operation As a general rule, the Board of Directors meets four times per year and, if necessary, holds special meetings. The work of the Board is based on files prepared by its Secretary. Its meetings follow a pre-established agenda and are subject to minutes signed by the Chairman and one other director.F The Board of Directors functions in accordance with the company’s articles of association and its internal rules. The internal rules set out principles and best practices of corporate governance designed to ensure the quality of Board’s work, such as obligations of confidentiality, independence, loyalty and duties in respect of inside information and conflicts of interest. Directors with a conflict of interest must report the conflict and abstain from taking part in decisions. The Board of Directors met four times in 2023. 3.3.2. Remit The Board of Directors is the administrative body in charge of senior management, high-level risk monitoring and the adequacy of the Bank's management control system. Accordingly, it deals with major issues relating to strategy, general policy, management and the oversight of activities and risks. The Board approves the resources, organisation and planning needed to implement the strategy and general policy, based on proposals made by the Executive Committee, as appropriate. It is also responsible for finance, methods of accounting and financial control based on fixed objectives, the preparation of the annual activity report, the approval of the annual budget and the setting of financial objectives for the year, including equity planning and liquidity risk tolerance. In addition, the Board is responsible for ensuring the adequacy of resources, governance and oversight and that standards are observed (compliance). It makes decisions on matters related to the Bank’s administration referred to it by members of the Executive Committee and other issues brought before it by the specialised committees. Among other things, it decides on changes to the Bank’s activities, structures and strategic or property investments, such as the creation, acquisition or disposal of subsidiaries and ownership interests, the opening or closing of branches and representative offices, the acquisition or disposal of new businesses and the sale or purchase of buildings. It also makes the necessary decisions regarding legal and regulatory provisions, specifically in the areas of corporate governance, human resources, risk management and internal control. The Board of Directors delegates some of its tasks to its Specialised Committees, to the extent allowed by laws and regulations. These Specialised Committees meet 1 to 4 times a year, depending on the matters at hand and the opinions requested by the Board. Annual Report 2023 35

Their members are appointed by the Board of Directors. These committee have limited decision-making powers and facilitate the Board’s work by providing their opinions. Audit Committee The Audit Committee is responsible for monitoring the financial reporting process and the audit of the annual financial statements. Consequently, and without prejudice to the powers of the Board of Directors, it is responsible for the following tasks in particular: - Monitoring the financial reporting process and, where appropriate, making recommendations to ensure its integrity. - Monitoring and assessing the effectiveness of internal control and risk management systems and, where appropriate, internal audit, in respect of procedures relating to the preparation and processing of accounting and financial information, without prejudice to its independence. - Monitoring of the performance by statutory auditors or audit firms of their assignments, taking into account the findings and conclusions of the competent authority. - Regular reporting to the Board of Directors on the performance of its duties and on the results of the audit, on the way in which the audit contributed to the integrity of the financial information and on the role it played in this process, and prompt reporting of any difficulties encountered. Risk Committee The Risk Committee advises the Board of Directors on matters relating to the Entity's overall risk strategy and risk appetite, both current and future. As a result, the Risk Committee is responsible for the following tasks: - Assisting the Board of Directors when it is monitoring the implementation of the overall strategy by senior management and the head of the risk management function. - Supervision of the implementation of the institution's capital management and liquidity strategies and other relevant risks, such as market risk, credit risk, operational risk (including legal and IT risks) and reputational risk, in order to assess their appropriateness in relation to the approved risk appetite and risk strategy. Appointments Committee The Appointments Committee is responsible for the following tasks: - It identifies and recommends, within the framework of the Crédit Agricole Group's validation rules, suitable candidates to fill vacant seats on the Board of Directors for approval by the Board of Directors or for approval by the General Meeting. - The Appointments Committee assesses the balance and diversity of knowledge, skills and experience available to the members of the Board of Directors, both individually and collectively. - It periodically (at least annually) assesses the structure, size, composition and performance of the Board of Directors. Remuneration Committee The Remuneration policy for CFM Indosuez Wealth employees covers both the components of remuneration and the identification of regulated populations and control of risky behaviour. In March each year, the Remuneration Committee examines the principles of the CFM Indosuez Wealth group's remuneration policy and reports on its work to the Board of Directors. 3.4. EXECUTIVE COMMITTEE The members of the Executive Committee are responsible for the operational leadership of business, risk management and monitoring, and ensuring the smooth running of the Bank’s activities. As of 31 December 2023, the Executive Committee had seven members: • Mathieu Ferragut, Chief Executive Officer and Executive Director • Vincent Thomas, Deputy Chief Executive Officer and number two Executive Director • Grégoire Faure, Deputy Chief Executive Officer • Céline Lapaian, Company Secretary • Sophie Armando, Finance & Strategy Director • Ariel Barugel, Head of Human Resources - Yves Braccalenti, Chief Client Officer (left on 31 October 2023) • Stéphane Herpe, Head of Markets, Marketing and Development 3.5. CONSOLIDATED KEY FIGURES UNDER DFS STANDARDS (in € million) 31/12/2023 31/12/2022 Variation % Equity 404 379 7% Total assets 7,671 7,123 8% NBI 197 161 22% Gross operating income 77 56 38% Net income after income tax 61 43 42% CFM Indosuez Wealth Management 36

RkJQdWJsaXNoZXIy NzMxNTcx